The Prudential Regulation Authority’s refusal to soften some of the most controversial capital buffers under Europe’s Solvency II regime means British life insurers will keep ditching longer-term risks and snubbing opportunities to take on pension liabilities, lawyers say.
The U.K. government has reintroduced draft legislation to extend compulsory motor insurance to driverless cars, proposing a legal framework that could pave the way for the vehicles hailed by analysts for their potential to reduce risk behind the wheel.
A European parliamentary committee has signed off the final report of its 18-month inquiry into the Panama Papers leaks, revealing Wednesday that it found that some member states had "bent and ... outright broken" anti-money laundering and tax laws, and calling for stiffer fines for banks and others that breach those laws
Aon PLC has developed a cyber resilient framework for pension schemes, sponsors and advisers to help them manage cyberrisk and minimize any economic or legal fallout in the event of an attack, the London-headquartered insurance brokerage announced Tuesday.
The U.K. Prudential Regulation Authority on Wednesday guided the country’s most risk-exposed insurers about how to report sensitivities around their solvency positions to the regulator twice a year.
The High Court in London has ruled that a hotel operator doesn’t owe £2 million ($2.6 million) to a financial services company for introducing it to a U.S. insurer that helped the hotelier refinance its debt.
British executive recruitment firms could align themselves with the country's insurance sector to oppose new European data protection laws that prevent companies from storing personal information, according to a report issued Wednesday.
The U.K.’s antitrust watchdog announced plans Wednesday to introduce new rules to challenge a near-monopoly in insurance for defects in new buildings, which a single body provides for around 80 percent of new homes.
Europe’s top supervisory authorities have been given a year to report back to the European Commission on a large-scale study of the costs and previous performance of retail investment, insurance and pension products as it seeks to speed up completion of its capital markets union project.
European lawmakers have urged the European Commission to postpone the application of its new insurance regime from February until next October, a parliamentary spokeswoman said Tuesday.
The U.K.'s pensions regulator has urged savers to hang up immediately on cold callers as it launched a campaign to prevent criminals from exploiting new pensions freedoms.
Bank of England Governor Mark Carney said Tuesday that trillions of dollars in cross-border financial contracts could end up in a legal vacuum if Britain leaves the European Union without a transition period, as he identified derivatives, insurance contracts and data sharing as areas of concern.
A financial services trade consultancy is being sued by the founder of an insurance broker it bought in 2004 over allegations that a bonus payment linked to the value of the business it acquired was based on misleading information which undervalued the intermediary by around £700,000 ($923,400).
The head of a parliamentary committee has warned that The Pensions Regulator may be powerless to help 130,000 members of a steel workers’ savings scheme in the face of a giant pan-European merger.
The Financial Conduct Authority on Monday launched the first phase of an online center designed to help asset management companies apply for authorization in the U.K., as part of wider plans to encourage competition in the sector and make information easier to access.
Lawmakers have challenged the U.K. pensions regulator over plans by media giant Trinity Mirror PLC, which runs a £336 million ($446 million) pension deficit, to buy a rival publisher with its own £19 million shortfall.
Fewer than a third of businesses in Europe, Africa and the Middle East fully understand the consequences that demanding new information rules from Brussels will bring in May, new data showed on Monday.
More than a quarter of senior risk and information technology managers say their firms have been hacked or suffered a cyber incident in the last year, Chubb Ltd. said Monday.
The pensions regulator issued guidance for trustees of schemes on the best way to do their job on Monday, calling for them to carry out annual self evaluations, delegate key tasks and fully engage with their parent company.
Insurance underwriters backed U.K. government proposals to reform the way courts calculate compensation for personal injury on Friday, but made further recommendations to add clarity to the process of tweaking the controversial methodology.
U.K. insurance and technology provider Watchstone Group PLC, formerly Quindell, which is being sued for £637 million ($848.2 million) by Slater and Gordon LLP, has denied that the Australian law firm relied on Quindell's assumptions about its order book when it struck a disastrous deal to acquire a division of the company in 2015.